Prices spiked by 30-70 cents or so Tuesday even as some traders found it hard to rationalize the market’s strength. They could identify chilly weather in some regions, especially in much of the West, and even noted that much of Texas is hot enough to experience decent air conditioning load.
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Traders Find It Hard to Rationalize Price Run-Ups
Tuesday’s across-the-board spikes in swing prices for the last day of 2003 had some traders, especially in the East, scrambling to find drastically revised weather forecasts that would help justify such a run-up. While there is a more ominous forecast for the eastern half of the country next week, most near-term predictions still indicated that unseasonably moderate temperatures would continue to prevail in the eastern two-thirds of the U.S. into the long holiday weekend.
December 31, 2003
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